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Is contract for deed the right option for me?
If you want to own a home verses renting or rent to own-leasing then cd is the best option.
Bennefits of contract for deed buyers
- Tax bennefits write off the cd interest on your tax returns.
- Make the house your own painting-adding a fence ect-pets ok
- Build equity verses paying off some elses mortgage.
- Save $1000 on closing costs- NO origination fees-lender fees.
- NO BANK Qualifying
Sellers cd advantages
Cash flow-steady stream of income. Sellers can make a better return on thier money verses the bank account-charge a higher rate than a mortgage. Easy to cancel the land contract- In Minnesota the law states the seller can "rescind-cancel" the contract in 60 days. Experience does matter and remember it doesn't cost you anything to use mnlakeplace.com when you purchase your dream lake home or Lake Property. We have lake homes contract for deed.
***Remember there is alot to know when buying or selling a Property with contract for deed terms. We can take the stress out of researching properties for you.***
Western Minnesota owner financed homes-Eastern Minnesota owner financed homes-Southern Minnesota owner financed homes-Northern Minnesota owner financed homes.
MINNESOTA SELLER FINANCING
BELOW YOU WILL FIND CD TIPS TO MAKE DRAFTING A PURCHASE AGREEMENT ALOT EASIER.
- When buying or selling a property contract for deed we recommend using BoardWalk Premier Realty INC
- Always use a title company when buying a cd house or selling. The reason is the title company or law office can provide both parties with a title search and if the buyer chooses the buyer may purchase title insurance we recommend the buyer purchase this insurance to protect themselves against and liens-assessments ect.
- Some people think contract for deeds are just for people with bad credit that is not the case. A lot of people buy c4d properties with good credit they don’t want to leverage all their credit or self employed or relocation haven’t been at a job long enough to get a mortgage. Another reason is FHA mortgage insurance is really expensive they keep raising the fees so now buyers are choosing owner financing and refinancing in to a conventional loan or selling the house in a few years.
- MN homes contract for deed can be the perfect solution for buyers looking to have a home but cannot get financing.
- Contract for deeds is NOT the same as rent to own-leasing-carry back mortgage. Totally different.
- Buyers will want to know if they can sell the cd with out refinancing it. Letting another buyer assume the contract is a great item to have for the buyer. That is something we put in all our land contracts
- Buyers will want home owners insurance-decide if they want to escrow taxes or pay seller directly.
- Always get a home inspection.
CREDIT TO HELP REFINANCE CD HOME EASIER
Make sure buyers open 2-3 accounts and pay on time monthly. Do not go over 25% of the credit limit. Banks will want 1-2 years of payments on time. If you cannot get a credit card there are cards you can put money down and they will give you a card and you can pay on it. The main thing is to get credit and someone reporting to your credit bureau.
- Sellers have the right to cancel a MN contract for deed 60 days after default seek legal advice on that. Buyer may sign back the contract with a quit claim deed. Seek legal advice on that also.
BUYING A HOME CONTRACT FOR DEED USING BOARDWALK PREMIER REALTY INCWe work with installment contracts-purchase money mortgages daily. There is a lot to know when drafting the purchase agreement and land contract.
- Remember with RENT TO OWN if you DO NOT exercise your option to buy the property you will loose out on down payment-and any payments you have made to the owner. Make sure you DO NOT Make any repairs to the house until you refinance it because if you don’t buy it you loose out on all of the repairs you put into the house.
Selling a home in todays real estate market.
2018 Market Update, year-over-year median home prices have been on the rise for two straight years in the 13-county metro area.
Inventory remains near a 10-year low, and year-over-year double digit price increases are almost becoming standard. These are two sure signs of a sellers’ market and if they both continue, smart sellers will be able to entice buyers for their properties at a fair price quite
“Steve was very helpful with all aspects of purchasing a home. He was very patient with me as I explored different homes in many communities. We accomplished my goal to find and purchase property in short time. I highly recommend steve to find your home…thanks again steve!”
Steve did a wonderful job through out the whole process of finding and purchasing my home. He was very patient and helped me find the perfect home for me. He answered every question I had and worked diligently to ensure a smooth transaction. I will recommend Steve to anyone I know looking to buy or sell their home. I couldn’t be happier!
Highly likely to recommend 03/13/2017 – classicallyclean cp Bought and sold a Single Family home in 2016 for approximately $250K in Shingle Creek, Brooklyn Park, MN. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Three transactions within a six year period and they all went perfectly! Two purchases and one sale. Steve not only helped me find a home, he also was very knowledgeable and has a great finance team! Only realtor I will use and recommend! Thanks Steve!!